AUD has struggled on the back of the soft....>

AUSSIE: AUD has struggled on the back of the soft Caixin services PMI print out

of China.

- AUD/USD pressed to lows of $0.7066 on the back of the release, last dealing at

$0.7076, ~15 pips or so softer on the day. Bears look for consolidation below

the Feb 21 low/cloud top at $0.7070/69. A break below would open up the 1.0%

10-DMA envelope at $0.7051.

- AUD/JPY last deals at Y79.14, 10 pips or so lower on the day, after hitting

lows of Y79.01 on the back of the aforementioned Caixin services PMI. Bears look

for a fall below the figure to open up the 21-DMA at Y78.85, followed by the

50-DMA at Y78.38.

- Focus now moves to the RBA MonPol decision, due in around 45 minutes time.

Interpolated OIS are pricing a circa 60% chance of at least one rate cut by year

end at writing.